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Foreclosure Prevention Report

Foreclosure Prevention Report - Third Quarter 2014

Published: 12/22/2014

​Third Quarter 2014 Highlights


The Enterprises' Foreclosure Prevention Actions:

  • Approximately 72,700 foreclosure prevention actions were completed during the third quarter, bringing the total to more than 3.3 million since the start of conservatorships in September 2008.
  • Nearly 2.8 million of these actions have helped troubled homeowners stay in their homes including 1.7 million permanent loan modifications.
  • Approximately 34 percent of all permanent loan modifications in the third quarter helped to reduce homeowners' monthly payments by over 30 percent.
  • About 22 percent of borrowers who received permanent loan modifications during the quarter had portions of their mortgage balance forborne.
  • As of September 30, 2014, about 15 percent of loans modified in the third quarter of 2013 had missed two or more payments, one year after modification.
  • Nearly 12,900 short sales and deeds-in-lieu were completed during the quarter, bringing the total to approximately 594,200 since the start of conservatorships.

The Enterprises' Foreclosures:

  • Third-party sales and foreclosure sales fell 9 percent to nearly 39,100 while foreclosure starts dropped 13 percent to approximately 74,600 in the third quarter.
  • REO inventory declined 9 percent during the quarter to nearly 120,100, as property dispositions continued to outpace property acquisitions.​

The Enterprises' Mortgage Performance:​

  • The number of 60+ days delinquent loans declined 3 percent during the quarter to the lowest level since the start of conservatorships.
  • The serious delinquency rate fell to 2.0 percent at the end of the quarter compared with 6.2 percent for Federal Housing Administration (FHA) loans, 3.4 percent for Veterans Affairs (VA)loans and 4.7 percent for all loans (Industry average).

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